Oil Summary at European Close: Crude Rises on Day

Crude has risen back to levels from the start of this week. Support comes from more positive US economic data stoking September rate cut optimism. The market is also rebounding after a mid-week sell off post-Hurricane-Beryl sell.

• Brent SEP 24 up 0.4% at 85.73$/bbl
• WTI AUG 24 up 0.6% at 83.13$/bbl
• China crude imports rose to 11.3mn bpd in June, up slightly from 11.06mn bpd in May according to customs data.
• Kazakhstan’s crude flows on the CPC pipeline rose by 3% y/y in H1 2024 to 33.21mn mt (1.432mn bd) according to Reuters sources.
• Kuwait has cut the OSP for Kuwait Export Crude (KEC) to Asia in August by 70 cents from the previous month to $1.25/bbl above the average of Oman/Dubai quotes according to Reuters.
• Global crude/condensate exports fell by almost 180kbd in June according to Vortexa vessel tracking.
• Robust earnings on clean LR2 products tankers, coupled with tonnage tightness due to the rerouting of ships from the Red Sea, have prompted large-scale switching of dirty tankers into trading clean products, Platts said.
• A VLCC laden with 2m bbl of Nigerian Escravos crude was shipped to Norway’s Mongstad refinery July 11, the first supertanker delivery of WAF crude to the Scandinavian Kingdom since at least Jan. 2018, Bloomberg said.
• Sonangol sold a shipment of Dalia crude for Aug. 22-23 loading to a spot buyer in Europe, according to Bloomberg.